Sell-side materials are built to sell. They rarely price the structural features that decide whether an airport asset earns its return: the term and reversion of the underlying lease or concession, the revenue share and capital obligations owed to the sponsor, traffic risk at a secondary field, and how much of the purchase price is business enterprise value rather than real property.
What we review
- Concession and lease economics: term, renewal, revenue share, and minimum annual guarantees.
- Capital obligations and the sponsor's approval rights over improvements.
- Traffic, based demand, and competitive geography at secondary airports.
- Separation of FBO or MRO business enterprise value from the underlying real property.
- Environmental exposure, including PFAS and AFFF, wherever a hangar or fuel farm is involved.
The deliverable
An independent investment memo written for an investment committee: what you are buying, what could impair it, what it is worth on realistic assumptions, and the two or three questions that should decide the price.
Common questions
How is this different from the seller's deck?
The seller's deck is built to sell. We start from the asset and the contract, price the reversion, capital obligations, and revenue share, and tell you what the deal is worth on assumptions you can defend to your investment committee.
Is this a USPAP appraisal?
No. It is independent consulting and an investment memo. If your file also needs a certified appraisal, we can scope that separately.
Can you work to our investment-committee timeline?
Yes. We scope the work to your decision date and lead with the deal-critical issues.
Do you separate FBO business value from the real estate?
Yes. That separation is often the difference between a fair price and an overpayment, and it is a core part of every memo.
Discuss your engagement
Retained analysis for lenders, owners, investors, and litigation counsel across aeronautical valuation.
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